Continued declines in contract activity and closed sales; No change in median sales price
Buyer activity in the Washington DC Metro area continued to be lackluster in August. The number of closed sales decreased 9.3 percent from August 2013 and all property segments had fewer closed sales than last year. Every jurisdiction in the region had declines in closed sales as compared to last year, which is the second time in 2014 for every jurisdiction to do so. The largest decreases occurred in Fairfax City (-26.3 percent), Falls Church City (-25.0 percent), and Arlington County (-19.9 percent). The number of new pending contracts also fell for all property segments and the total number declined by 6.0 percent from last August. It should be noted, however, that both closed sales and pending sales continue to be above their 2010, 2011 and 2012 levels. The median sales price was unchanged from last August but both townhomes and condo properties had higher median sales prices than in August 2013. The number of homes for sale continues to rise, but remains low. Active listings reached their highest August-level in three years, but are only 43.1 percent of their peak-level. New listings also rose from last year, marking the sixth consecutive month with year-over-year increases.
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